UNID continues profit momentum in Q1 on global demand recovery

[Courtesy of UNID]

UNID, South Korea’s leading manufacturer of potassium-based chemical products, managed to post an operating profit of 27.5 billion won ($20 million) in the first quarter, continuing its positive momentum thanks to global demand recovery.

UNID announced on Wednesday that it posted 27.5 billion won in operating profit in the first quarter on sales of 2.54 trillion won.

Revenue was down 24 percent compared to the same period last year but its operating profit surged by a staggering 1,622 percent.

This performance is attributed to the stabilization of raw material prices and the recovery of global demand, which have been ongoing since the fourth quarter of last year.

Despite subdued demand due to the global economic downturn in the fourth quarter of last year, UNID managed to achieve a quarterly profit.

Building on this momentum, the company has recorded significant growth in the first quarter of this year and anticipates maintaining stable profitability in the second quarter.